ING Announces Intention to File as a Section 403(b) Prototype Plan Sponsor
May 1, 2009 - ING U.S. Retirement Services (ING), a leading provider of K-12 and higher education 403(b) retirement plan products and services through its constituent companies since 1967, has notified the IRS of its intention to file an opinion letter application as a Section 403(b) prototype plan sponsor. ING anticipates that this letter would be filed as soon as the IRS begins accepting applications from retirement plan providers seeking favorable determinations on their prototype plan documents.
“ING has been at the forefront of the industry’s response to the new IRS 403(b) regulations and we continue to leverage our expertise and leadership position in this market,” said Linda Segal Blinn, vice president of Technical Services at ING. “School systems across the country can be confident that the prototype we develop will satisfy the Internal Revenue Service’s written plan requirements and be updated as needed to reflect tax law changes, helping to meet the ongoing retirement needs of our school systems.”
The 403(b) prototype plan program will allow eligible employers to adopt a pre-approved plan and have assurance that the form of the plan meets all 403(b) regulatory requirements. The IRS will announce the date when it will begin accepting applications for opinion letters and expects to open the 403(b) prototype program after a public comment period.
ING serves nearly 650,000 educators in all 50 states and, according to industry data, has the largest number of K-12 retirement plan participants among financial services providers.1 With its commitment to teachers and the education market, this is just the latest step taken by ING to help public schools reduce the stress and complexity of complying with the new IRS 403(b) regulations:
- In March 2008, ING was one of the first providers to release sample plan documents specifically designed to meet the IRS final 403(b) regulations that became effective in January 2009.
- Before the latest IRS draft procedures were issued in April, ING had already informed sponsors using its specimen 403(b) plan document that ING would automatically be sending updates to that plan necessitated by any statutory or regulatory changes.
- Last summer, ING was the first 403(b) vendor to reach out to public schools with a toolkit to help them meet the new IRS information sharing requirements that went into effect on September 25, 2007
Phil Margolis, ING, 860-580-2676 or email@example.com
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million residential, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 125,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 29 million customers across the nation. For more information, visit www.ing.com/us.
1. LIMRA Not-For-Profit Sales and Assets survey Q4 2008, based on K-12 sales and participants.
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